MAS hopes to strengthen controls on market abuse with new client identification and record keeping requirements for FIs.
Key Points:
..In August 2019, the Monetary Authority of Singapore (MAS) proposed four new regulatory requirements for financial institutions (FIs)1 that deal with capital market products.
..The proposed requirements relate to identification (client identification and client device identification, if mobile trading apps are used) and record keeping (including keeping records of communications relating to broker-assisted orders and trades (O&T) and a register of cash and third-party payments).
..The proposed requirements are consistent with one of the MAS’ key enforcement initiatives, designed to disrupt potential market misconduct through broker engagement.
..The new requirements would bring Singapore in line with financial hubs in other developed markets, including Hong Kong, the US, and the UK.
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